Common use of Same Day ACH Clause in Contracts

Same Day ACH. Customer’s may elect same day settlement for eligible ACH credit or debit entries subject to applicable cut-off deadlines and transactions fees, if any, as disclosed to Customer by Bank. All ACH transaction types are eligible (except pre-funded ACH and International ACH Transactions (IATs)) with a limit of $25,000 per transaction. Sending/Originating or Receiving/Originating an accepted file with an entry date of current day that falls within the same day origination window will be handled, processed, billed and settled as a same-day item provided Customer is enrolled for ACH Origination Service. Bank shall not be responsible if another receiving financial institution is unable to receive or initiate same day ACH payments, fails to act, fails to make funds available or fails to settle a same-day transaction timely. Customer is responsible for following appropriate NACHA rules for ACH transactions including proper authorization and timing for debits. Additional fees may apply for returned ACH transactions. Waiver of any of the foregoing conditions shall always remain completely discretionary with Bank. Waiver by Bank of a condition with respect to one or more Entries on one or more occasions shall not create a requirement or give rise to a presumption of future waivers with respect to other Entries. Bank shall never be obligated to waive any of the conditions based upon a pattern or practice of waivers, or based on any oral agreements, understandings or representations that such waivers shall be made.

Same Day ACH. Customer’s may elect same day settlement for eligible ACH credit or debit entries subject to applicable cut-off deadlines and transactions fees, if any, as disclosed to Customer by Bank. All ACH transaction types are eligible (except pre-funded ACH and International ACH Transactions (IATs)) with a limit of $25,000 100,000 per transaction. Sending/Originating or Receiving/Originating an accepted file with an entry date of current day that falls within the same day origination window will be handled, processed, billed and settled as a same-day item provided Customer is enrolled for ACH Origination Service. Bank shall not be responsible if another receiving financial institution is unable to receive or initiate same day ACH payments, fails to act, fails to make funds available or fails to settle a same-day transaction timely. Customer is responsible for following appropriate NACHA rules for ACH transactions including proper authorization and timing for debits. Additional fees may apply for returned ACH transactions. Waiver of any of the foregoing conditions shall always remain completely discretionary with Bank. Waiver by Bank of a condition with respect to one or more Entries on one or more occasions shall not create a requirement or give rise to a presumption of future waivers with respect to other Entries. Bank shall never be obligated to waive any of the conditions based upon a pattern or practice of waivers, or based on any oral agreements, understandings or representations that such waivers shall be made.